First Gen Corporation reported a 4% decrease in attributable recurring net income for the first quarter of 2025 at $77 million (P4.49 billion) in comparison to $81 million (P4.52 billion) for the same quarter in 2024.

Energy Development Corporation’s (EDC) geothermal portfolio produced lower recurring net income versus the same period last year mainly from the decline of its revenues due to lower generation volumes as certain plants underwent maintenance activities, lower spot market prices and the incurrence of new debt. First NatGas Power Corporation, the owner of the San Gabriel natural gas-fired power plant, likewise continued to experience a drop in revenues as its power supply agreement with Meralco expired last February 2024. 

The company generated $583 million (P33.8 billion) in revenues in the first 90 days of 2025, a slight 2% decrease of $13 million (P0.5 billion) from $596 million (P33.3 billion) in 2024. The natural gas portfolio accounted for 66% of First Gen’s total consolidated revenues, while 30% came from EDC’s geothermal, wind and solar plants. The 4% balance comes from the company’s hydroelectric power plants.

The natural gas power plants reported a 7% increase in recurring earnings for the first quarter of 2025 to $46 million (P2.7 billion) from $43 million (P2.4 billion) in 1Q24. First Gen’s Santa Rita Power Plant, San Lorenzo Power Plant and Avion Power Plant reported higher recurring earnings due mostly to savings on interest expenses from their lower outstanding debt. San Gabriel, however, posted lower earnings resulting from its merchant sales position.

In addition, FGEN LNG Corporation started contributing revenues as it started commercial operations last January. It earned a recurring net income of $7 million in the first quarter of 2025.

EDC’s recurring income (ex-hydro) at $20 million (P1.2 billion) in the first quarter of 2025 was 22% lower than its recurring income of $26 million (P1.4 billion) in 2024. The hydro platform’s contribution to First Gen’s recurring earnings was at $11 million (P619 million) for 1Q25, a 37% surge from its 2024 first quarter recurring income of $8 million (P435 million). The takeover of the Casecnan Power Plant took place on Feb. 26, 2024. In comparison, Casecnan was able to generate sales for the full three months of 2025’s first quarter, resulting in $4 million (P242 million) of recurring income. The recurring income of the Pantabangan-Masiway power plants was steady at $7 million (P380 million). Pantabangan-Masiway had a higher starting elevation in 2025 that resulted in a higher volume of electricity sold during the period. This was, however, negatively affected by lower electricity prices.

“First Gen’s portfolio of power plants is available for dispatch as the country experiences this punishing heat. We have been hard at work in making sure that the vital resources our company provides are able to deliver, especially during these coming local elections,” First Gen president and COO Giles Puno stated.